/NOT FOR DISSEMINATION OR DISTRIBUTION IN
THE UNITED STATES/
TORONTO, May 30, 2019 /CNW/ - The Bank of Nova Scotia ("Scotiabank") (TSX, NYSE: "BNS")
announced today that the Toronto Stock Exchange ("TSX") and the
Office of the Superintendent of Financial Institutions ("OSFI")
have approved its normal course issuer bid to purchase up to 24
million of its Common Shares. This represents approximately two per
cent of the 1,222,156,667 Common Shares issued and outstanding as
of May 24, 2019.
Scotiabank believes that the purchase of its Common Shares at
market prices may be an appropriate use of its funds to generate
shareholder value, as well as for capital management purposes.
Purchases under the bid may commence on June 4, 2019, and will terminate on June 3, 2020, or on such earlier date as
Scotiabank may complete its purchases pursuant to the notice of
intention to make a normal course issuer bid filed with the TSX.
Purchases will be made on the open market by Scotiabank through the
facilities of the TSX, as well as alternative Canadian trading
systems. The price that Scotiabank will pay for any such Common
Shares will be the market price of such Common Shares at the time
of acquisition. Purchases may also be made through other means
permitted by the TSX and applicable securities laws, including by
private agreements or under specific share repurchase programs
pursuant to issuer bid exemption orders issued by applicable
securities regulatory authorities. Any purchases made under an
exemption order issued by a securities regulatory authority will
generally be at a discount to the prevailing market price.
Based on the average daily trading volume of 2,809,771 Common
Shares during the last six calendar months on the TSX, daily
purchases will be limited to 702,442 Common Shares, other than
block purchase exceptions. Common Shares purchased under the bid
will be canceled.
Scotiabank will establish an automatic repurchase plan on
June 4, 2019, under which its broker,
Scotia Capital Inc., may periodically purchase its Common Shares
pursuant to the normal course issuer bid within a defined set of
criteria which Scotiabank would not vary or suspend. The actual
number of Common Shares purchased under the automatic repurchase
plan, the timing of purchases and the price at which the Common
Shares are bought will depend upon future market conditions. On a
quarterly basis, Scotiabank will notify OSFI prior to making
purchases.
Under its current normal course issuer bid for the purchase of
up to 24 million Common Shares which expires on June 3, 2019, Scotiabank purchased 13,908,400
Common Shares for cancelation at a volume weighted average price of
approximately $73.73 per Common Share
as of May 24, 2019.
About Scotiabank
Scotiabank is Canada's
international bank and a leading financial services provider in the
Americas. We are dedicated to helping our more than 25 million
customers become better off through a broad range of advice,
products and services, including personal and commercial banking,
wealth management and private banking, corporate and investment
banking, and capital markets. With a team of more than 99,000
employees and assets of over $1
trillion (as at April 30,
2019), Scotiabank trades on the Toronto Stock Exchange (TSX:
BNS) and New York Stock Exchange (NYSE: BNS). For more information,
please visit www.scotiabank.com and follow us on Twitter
@ScotiabankViews.
SOURCE Scotiabank